Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Eac

Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however they can be
distinguished by their unique ID number. At the beginning of 2013 Carlson had three cars in inventory as follows:

Car ID

Cost

203

$

96000

207

96000

210

99000

During 2013 each of the three autos sold for $126000. Additional purchases (listed in chronological order) and sales for the
year were as follows:

Car ID

Cost

Selling Price

211

$

96000

$

126000

212

96000

129000

213

97500

not sold

214

99000

132000

215

102000

136500

216

100500

not sold

217

105000

141000

218

102300

142500

219

108000

not sold

Required:

1.

Calculate 2013 ending inventory and cost of goods sold assuming the company uses the specific identification inventory
method.

2.

Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system.

3.

Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.

4.

Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.